Lument closed a $60 million Freddie Mac loan to refinance Park Terrace, a 180-unit assisted living/memory care community in Rancho Santa Margarita, California. Kisco Senior Living owns and operates the property, which was built in 2000 with extension renovations and additions from 2023 to 2025. Lument’s Chris Cain, managing director based in Dallas, led the transaction. The Freddie Mac loan has a fixed interest rate, 10-year term with seven years interest only, 30-year amortization, and allows for cash-out proceeds. It refinanced an existing agency loan.
The firm followed that with a $26.8 million HUD loan for a three-site, non-contiguous, 203-unit affordable senior apartment community in Brooklyn, New York. West End Gardens I and II are in the Borough Park neighborhood, while Webster Terrace is in Kensington. The loan features a competitive, fixed interest rate, and a fully amortized 35-year term. Lument’s Paul Weissman, senior managing director and head of affordable housing production, and Andrew Nicoll, director of FHA production, led the transaction. The deal also saw the renewal of all three HAP contracts, with 200 of the 203 units remaining protected under subsidy.